Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
As the asset struggles to sustain support at a critical level, Shiba Inu is approaching a critical juncture. The 200 EMA is a crucial support zone, with important ramifications for the asset's future, as seen by SHIB hovering around it on the given price chart. If SHIB is unable to maintain its position above this level, a significant drop may be on the horizon. SHIB has consistently displayed weakness on the price chart, gradually declining toward its lower support levels.
The 200 EMA, often seen as the final line of defense in a bullish trend, is now in play. This is a risky scenario for SHIB because, historically, breaches below this level signal the beginning of a bearish reversal. The current trading range, which has the 50 EMA serving as a ceiling and resistance at $0.00002245, suggests little buyer interest. An additional level of worry is raised by examining the on-chain metrics.
A startling 75.09% of SHIB holders are currently out of the money, while only 11.38% are in the money, according to the active-addresses-by-profitability chart. This discrepancy emphasizes how much strain the asset is under as its holders deal with declining profitability. The significant concentration of holders at the $0.000019 to $0.000023 range further emphasizes how critical this zone is for maintaining market stability.
Yuri MolchanA difficult situation for SHIB is created by a combination of technical weakness and bearish on-chain indicators. A wave of selling pressure might result if the asset is unable to maintain its position above the 200 EMA. The next support level could drop sharply lower. The $0.000022 level is one that investors should keep a close eye on.
If SHIB recovers and gains traction above this level, it might offer some respite. Failure to maintain this crucial level, however, might pave the way for a more significant correction in the days ahead. SHIB's performance at this crucial point in the year will probably dictate its course for 2025.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Alex Dovbnya
Dan Burgin
Vladislav Sopov